As a remote loan officer, you work from home to help a client search for and secure lending opportunities, such as a home mortgage or car loan.
Working remotely as a loan officer has never been easier, but if you want to be one of the best in the mortgage industry you'll have to adjust your work habits and learn new skills to suit your home office and on-the-go needs.
A Loan Officer's responsibilities include reviewing, authorizing and recommending loans for approval. They meet with applicants to determine their creditworthiness before deciding whether or not they will offer them a personal or commercial loan.
Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.
Pitching government loans, top mortgage officers can make millions a year, according to Jim Cameron, senior partner at Stratmor Group, a mortgage industry advisory firm. Brian Decker works at LoanDepot in Riverside County, Calif., where he sold more than $200 million worth of home loans last year.
High Earning Potential. One of the best aspects of a mortgage career is the limitless earning potential. Mortgage Loan Originators and Mortgage Loan Officers (both referred to as MLOs) usually make approximately 1% of the total mortgage amount in commission.
The reason most people fail the NMLS exam is that they don't study, pay little attention in their pre-licensing class, panic when they don't understand a question or read the questions too fast. This test is extremely important to your career, so prepare for it seriously.
Loan Officers made a median salary of $63,960 in 2020. The best-paid 25 percent made $93,490 that year, while the lowest-paid 25 percent made $45,540.
Loan officers who specialize in consumer loans usually work in offices. Mortgage and commercial loan officers may work outside the office and meet with clients at their homes or businesses.
Being a Loan Officer Can Be Really Lucrative
First and foremost, it is not an easy job. Sure, a mortgage broker or bank may tell you that it's simple. And yes, you may not have to work very hard in the traditional sense, or take part in any back-breaking work.
As a loan officer, you will be responsible for many tasks throughout the homebuying process for your customers. For example: Prospecting for new leads through phone calls, emails, in-person contacts, networking events, contractor meetings, community events, and personal gatherings.
Lenders will look at your creditworthiness, or how you've managed debt and whether you can take on more. One way to do this is by checking what's called the five C's of credit: character, capacity, capital, collateral and conditions.
Effective Mortgage Loan Officers must: Set Goals and Focus: Set long-term goals that can be broken down into attainable micro goals. Effective Mortgage Loan Originators are driven to accomplish their goals. They use their time efficiently to maintain productivity, stay focused and hit their targets.
Loan originators and loan processors work with you to make sure the loan process is accurate. Your loan originator helps you through the loan application process, while the loan processor works through your application and documents to make sure nothing is missing.
If you have worked remotely in the past in any capacity, mention it on your resume. Typically, you'll have a location for each position, so if you did work remotely, that's the place to put it.
What is the average salary for a mortgage loan officer in Texas? The average salary for a mortgage loan officer in Texas is $69,500 per year. Mortgage loan officer salaries in Texas can vary between $24,000 to $267,500 and depend on various factors, including skills, experience, employer, bonuses, tips, and more.
The average salary for a mortgage loan officer in California is $86,500 per year. Mortgage loan officer salaries in California can vary between $24,500 to $327,000 and depend on various factors, including skills, experience, employer, bonuses, tips, and more.
There are three factors that tend to make the MLO Test difficult, including: To ensure compliance with the SAFE Act, the test developers designed the test to be challenging. Some test takers don't fully understand or apply the key concepts necessary to pass.
While there are national licensing requirements, as well as state requirements, in place for mortgage loan officers, there are no requirements for a minimum credit score to become licensed. A poor credit score or other concerns don't have to define your career future.